The GBPUSD pair is experiencing intensified selling pressure after breaking below the lower limit of the Bollinger Band, signaling an increase in volatility under the influence of the sell-side dominance. Movements beyond the Bollinger Band typically indicate that the current trend is still ongoing, especially in the absence of clear reversal signals.
The bearish pressure is further reinforced by the MACD indicator, which displays a widening negative histogram and the MACD line remaining consistently below its signal line. This suggests that the weakening momentum persists, opening possibilities for GBPUSD to continue its decline towards the next support level.
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Bearish prospects are starting to emerge on the 15-minute time frame as the price moves below the 24-period Moving Average (MA), which is now trending downward, acting as a dynamic resistance. The MACD indicator further emphasizes the negative sentiment, with the signal line positioned below the zero line and a histogram reflecting downward momentum. This combination suggests that selling pressure may persist, providing an opportunity for GBPUSD to continue its downtrend and test the support at 1.28900.
Technical Reference: sell while below 1.29990
Potential Stop Loss 1: 1.29800
Potential Stop Loss 2: 1.29990
Potential Take Profit 1: 1.29060
Potential Take Profit 2: 1.28900
